Monday 21 August 2017

Can USDCAD resume it's uptrend?

USDCAD pair in 1 Hour timeframe. Price has created a bullish divergence with RSI (14). The price is bouncing back from a support area between 1.25708 & 1.25572.

If we switch the time frame to weekly and monthly, this area shows strong support. At the same time price just bounced back from outside of Bollinger band in the hourly timeframe.

Longer timeframe shows a bullish trend for this pair.  So everything is favoring a long position. Hopefully we can get into the trade soon.

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